The new Tax Cuts and Jobs Act will affect tax returns that taxpayers will file in 2019. This new law is responsible for several significant changes, including the exclusion of deductions for employee business expenses, investment expenses, investment management fees, and tax prep fees. The new law also limits deductions for state and local taxes as well as home mortgage interest deductions in specific situations.
The Withholding Calculator, available on the IRS website, is the tool for the job. Using this calculator, tax professionals should urge their clients to collect their most recent pay stubs and most recent income tax return (Form 1040) to begin the review. Tax professionals should also advise their clients that if any other changes to their financial circumstances occur during the year, they need to contact them to assure the withholding amounts are still appropriate.
About Sigma Tax Pro
Sigma Tax Pro is dedicated to providing professional tax preparation software solutions at the lowest prices available. Our mission is to enable tax preparers to maximize their revenue and increase client satisfaction. We understand our client’s needs and aim to provide premium customer service and committed tax preparation support. Our software products are powered by the leading developers of tax preparation software. The volume discounts we qualify for enable us to provide these software products at considerably lower prices than the industry standard. We then pass these savings on to our clients and offer numerous incentives and rebates that can take their tax preparation business to new levels. Sigma Tax Pro knows tax preparation and we power tax professionals.